Why is Cardano establishing Africa?

Why is Cardano establishing Africa?


New projects are being designed to help develop the African region.

Input Output Global's Cardano developer, Input Output Global (IOG), has signed with Ethiopian incubator iceaddis for the support of creatives from the local community. In the context of Project Catalyst, the largest decentralized innovation fund in the world, the three partners created the Ariob incubator.

This strategic partnership was created to help accelerate the growth of projects funded through the Project Catalyst Foundation. Startups can gain access to expertise in venture capital and resources to help develop products that will solve actual problems in Africa. The public decides on the kind of programs they like and the creators are provided financial assistance to bring their ideas into practice.

What is the reason for Africa?

Africa is poised to become an important hub for blockchain technology. This continent is diverse and has seen a rapid adoption of cutting-edge technologies. In Africa, there is no desire to adhere to old systems, which means it is easier for technological advances to take root and gain the momentum they need to gain. The fields of technology, financial services and development hold great potential for the modernization of both society and industry in general.

There is a lot of potential in Africa to increase the use and dissemination of cryptocurrency. Although only 2% of cryptocurrency transactions that are made in the region, KuCoin cryptocurrency exchange analysts have reported that Africans are using cryptocurrencies in a few countries as high as 2670 percent in 2022.

"The use of digital assets in Africa is increasing exponentially. African countries are the most popular for cryptocurrency adoption, and even outdoing regions like Asia, Europe, and the USA," stated Johnny Lyu, KuCoin CEO.

The region is home to one of the top rate of adoptions by mass of cryptocurrency. Three countries: Kenya and Nigeria are among the top twenty nations in the Global Cryptocurrency Adoption Index (Chainalysis) with 5th 6th, 16th and 5th the 16th and 19th spots.

The absolute leaders in terms of the amount of holders of currencies and market volumes are the Republic of South Africa. https://www.coindesk.com/learn/your-first-crypto-wallet-how-to-use-it-and-why-you-need-one/ found that 47% of South Africans own or are planning to hold cryptocurrency.

Input Output Global announced last year that they had signed a partnership with Ethiopia's Ministry of Education. This collaboration will provide five million Ethiopian students the chance to demonstrate their academic credentials by using the Atala-based Atala PRIM technology. IOG is also working with World Mobile Zanzibar to provide basic online services through blockchain technology. 1000 service providers provide services to all developed countries around the world, yet nearly half of Africa's population isn't covered.

https://cryptonewsru.com/ , founder and CEO of IOG has frequently stated that Africa is able to achieve an "economic miracle" and catch up with the bigger economies around the globe, such as China or the United States. Cardano is dedicated to promoting such a feat on the African continent.

In this context incubator programs are crucial. Project Catalyst (and Ariob) offer African projects entrepreneurial and economic tools. This can help increase the sustainability of the ecosystem and increase its growth. A IOG representative has added this comment to their recent launch:

"The Ariob incubator where a variety of projects will be given support. This program will be in operation until the beginning of the 2022-first half. This program offers services that help in bringing creativity to life, testing ideas, and making prototypes in order to develop the best products. Ariob is also able to connect projects with educational institutions and non-governmental organizations.

What is the way that the Cardano ecosystem work in general?

The Cardano community is focusing on sustainable growth and enhancing the system following the Hydra update. Cardano is at the Basho stage. It's goal is to build an optimized ecosystem to aid and facilitate the development of decentralized apps (dApps). The Cardano ecosystem has seen significant growth. At present, more than 1,000 projects have been developed on Cardano.

NFT projects are the most active with the highest amount of activity -- 47.9 percent, as the users and creators are betting on the potential of the blockchain. Cardano NFT has seen Snoop Dog, an American rapper, become a huge hit. Clay Nation collaborated with Snoop Dog to bring "iconic" NFTs online.

In addition, more and more users are becoming interested in cross-blockchain initiatives that permit transactions between various blockchains. Cardano is also moving in this direction. At the end of March, Milkomeda, a second-level protocol providing EVM capabilities for blockchains other than EVM, was launched on the main Cardano network. This allowed users to deploy Ethereum-based dApps within the Cardano ecosystem for the first time.

The lending industry is the third most frequent activity in the Cardano ecosystem. The size of the global credit market is expected at 26.08 trillion US dollars. The industry's growth rate will be 24% from 2021-2028.